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Online FATCA self-certification – mandatory declaration for NPS Subscribers

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January 17, 2019

- Income Tax Help

NPS subscribers who have registered on or after 1 July 2014 have to give a mandatory FATCA declaration online or offline. FATCA refers to Foreign Account Tax Compliance Act. It is a US initiative which has also been entered into by Indian government. Under this agreement, the Indian government needs to give details of all US citizens holding prescribed securities and assets in India. Why FATCA is important? FATCA is of vital importance because it was previously communicated that non-submission of this self-declaration will result in blocking of NPS account.SEE DETAILS

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What is Rent Free Accommodation(RFA) and its Taxability
Income Tax Help, Income Tax Learning

What is Rent Free Accommodation (RFA) and its Taxability?

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January 7, 2019

- Income Tax Help, Income Tax Learning

What is Rent Free Accommodation (RFA)?RFA means house provided to you by your employer for residential purpose. Some employees get the facility of accommodation from their employer without any charge but in some cases it chargeable to some extent. Hence, in a simple way, RFA is a part of perquisites that are considered as additional benefits getting from your employer received in kind and it is taxable as per the provisions of Income Tax Act. What is the Taxability of RFA?Taxability of RFA is described in the following flow chart-SEE DETAILS

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Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

What are Direct Taxes & Indirect Taxes in India?

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December 27, 2018

- Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Before discussing the Direct Taxes & Indirect Taxes in India, let us first understand what is the meaning of tax. What is a Tax?A tax may be defined as a “pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. In simple words, the tax is nothing but money that people have to pay to the government, which is used to provide public services.Taxes are broadly classified into 2  Types-1. Direct Taxes 2. Indirect taxesWhat is Direct Taxes?A direct tax is a kind of charge,SEE DETAILS

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Invalid ITR V
Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Refund, Income Tax Updates, Latest News

Want to Avoid Invalid ITR ? Read this

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November 28, 2018

- Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Refund, Income Tax Updates, Latest News

Filed your return before the due date but forgot to verify before the expiry of time limit? Then in such case, your ITR has become an invalid ITR and now you would have to file the ITR again. Surprised? Yes, you heard it right. Now, you need to file your ITR as a belated return. Don’t know why? Let’s get the insight into the matter :What is Verification of ITR?Verification of ITR means to authenticate the ITR. In simple words, the Income-tax department asks you to verify the ITR so that itSEE DETAILS

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Change in PAN
Blogs, Income Tax Help, Income Tax Updates

5 Changes in PAN Card Rules Which You Should Know

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November 27, 2018

- Blogs, Income Tax Help, Income Tax Updates

PAN Card or commonly known as Permanent Account Number is a very important document for undertaking financial transactions. For e.g., if you want to trade in share market then to open a Demat Account, quoting PAN is mandatory.Hence any change or amendment in PAN rules is sure to watch out for. Recently, CBDT introduced some new provisions regarding the applicability of PAN Card. What? You don’t know about them? Chillax! No worries when we are here for you my dear amigo.Let’s understand the amendments in a simple, and easy manner.WantSEE DETAILS

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Section 23(1)(c)
Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving, Income Tax Updates, Latest News, News

Sachin Tendulkar clean bold the Income Tax Ruling in his favor

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November 15, 2018

- Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving, Income Tax Updates, Latest News, News

Recently, Mr. Sachin Tendulkar got a favorable ruling from a tribunal over a tax disputed case on one of his vacant property. If you are also the owner of more than one house then you definitely need to read this !! Let’s have an overview of his case and find out how it may help you.Facts of the Case:Mr. Sachin had two properties in Pune, one in Treasure Park and another one in Sapphire Park in F.Y 12-13. Now, in the ITR of F.Y 12-13, only the Rental income fromSEE DETAILS

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Step by step procedure
Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Latest News

Waiting for Refund ? Check the ITR V Status

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October 13, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Latest News

Do you know how to check ITR V Status? You must be thinking that why we are asking this “out of the blue”question. Well, if your ITR is not yet processed or your refund (if any) hasn’t been credited then this question is relevant for you. 7 out of 10 people still think that just filing Income Tax Return finishes their job. But it is not the case.In this blog, we will let you know the after filing process.Let’s begin.What is verification of ITR ?As per law, after filing income taxSEE DETAILS

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Easily respond to all notices 24*7
Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Updates, Latest News

Jurisdiction free online assessment : Now no more visits to IT dept.

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October 3, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Updates, Latest News

Received a scrutiny notice? Then the next image coming to your mind must be of an Income Tax Office. Where you might have to go again and again and wait for long hours to meet the IT Officials. Well, not anymore:)!Income Tax department has launched the jurisdiction free e-tax assessment of scrutiny cases.The system will be implemented in a phased manner across India.What is Jurisdiction Free E-tax Assessment?It means you can give the online response to the scrutiny notice at your convenience i.e. 365*24*7. It will enable you to saveSEE DETAILS

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Blogs, Income Tax for Starters (Basics), Income Tax Help

9 Common FAQs on ITR-V

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August 31, 2018

- Blogs, Income Tax for Starters (Basics), Income Tax Help

As the last date of filing ITR (31st August, 2018)  is just around the corner, we are sure you must have filed your return by now. But mere filing of ITR is not sufficient. After filing tax return, one has to e-verify it as well to complete the process. This is where ITR-V comes into use.When you file & submit ITR online, a document ITR-V is generated. This form is an acknowledgement by tax department that your ITR is submitted. Now to complete the process, one needs to e-verify ITRSEE DETAILS

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Blogs, Income Tax Help

7 Reasons Why You Could Receive Income Tax Notice

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August 30, 2018

- Blogs, Income Tax Help

As soon we hear words “Income Tax Notice”, an air of fear & reluctance surrounds our mind. No one likes to receive income tax demand notice from the department, let alone replying to one. As the wise one’s said “precaution is better than cure”, hence we bring 7 reasons which could bring you income tax notice.Reason 1: Mismatch in TDSWe all are well aware of the concept of tax deduction or commonly referred as TDS. And how using income tax form 16, we claim credit of TDS. Many times, inSEE DETAILS

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